Portify Nabs £7 Million For Its Fintech App In Series A Funding

A London-based fintech company, Portify, is helping gig companies and self-employed clients in managing their finances by offering an app and a wide range of financial products. Recently, the startup has raised £7 Million in a Series A funding round.

Prior to this funding round, the company raised £1.3 Million last year in seed investment. Redalpine led the recent funding round along with the significant contribution from existing investors including Entrepreneur First (EF) and Kindred.

Portify Nabs £7 Million For Its Fintech App In Series A Funding

Besides using Open Banking to deliver financial insights into the clients’ current financial status and income, the firm offers a range of customized financial products and services that can be accessed through a smartphone application. Moreover, the startup would employ the new funding to propose personal loans and credit building for “micro-business use,” as stated in the reports. It has been offering credit services via its app from this year.

On a related note, a Mexican-based fintech company offering digital accounts and prepaid Mastercards to the US customers, Albo, has secured $19 Million in a Series A financing. Valar Ventures, a US-based venture capital fund, led the funding round. At the beginning of this year, the neobank raised $7.4 Million, lifting the firm’s total Series A funding to $26.4 Million.

Albo is among the very few Mexican startups that succeeded to raise a significant amount in early rounds. Grin, a scooter company financially supported by California-based Y-Combinator, raised $45.7 Million in early funding. Klar, a Mexican-based democratizing banking services provider, raised $57.5 Million in equity and debt seed funding.

Albo was the first Mexican-based neobank in which Valar Ventures invested, as it has a strong affinity for neobanks. At present, Albo is a digital banking services provider that offers a Mastercard debit card and a personal finance app for the US-based clients.

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